A flexible instrument designed to provide money to support a public purpose. Assistance with involvement between the parties. Cooperative agreements can be established between the university and a government agency. The project is generally conceived by the PI, but allows for significant input from the funder. It is typically flexible as to the scope of work, budget, and other changes.
A contract is a binding agreement between a buyer and a seller to provide goods or services in return for consideration (usually monetary). Contracts can be established between the university and a local, state, or federal government agency, another non-profit organization, or a for-profit organization. The project is generally conceived by the sponsor and is relatively inflexible as to the scope of work, budget, and other changes. It requires frequent reporting.
Fringe is tied directly to your salary costs and is based on the amount of salary requested from a grant or contract. This money covers the additional costs of a person’s employment beyond their salary. It covers employer-paid benefits and taxes: Employer-paid benefits include medical insurance, life insurance, long-term disability insurance, worker’s compensation, and others. Employer-paid taxes include those mandated by the Federal Insurance Contributions Act (FICA) and Medicare. We calculate this cost at 20% of the salary charged to a grant or contract.
A funding agreement designed to provide money to support a public purpose. Grants can be awarded by local, state, or federal government agencies, private foundations, or corporate foundations. A grant project is conceived by the PI/PD and is more flexible as to the scope of work, budget and other changes. It includes annual reporting requirements.
Indirect/overhead costs are those goods and services that are needed for a project, but not purchased or secured because of the project. For example, computers, pencils, and the time and effort of the Facilities staff who keep the lights working in our buildings are essential to the work, but not directly attributed to the project, and are thus representative of indirect/overhead costs.
A Memorandum of Agreement (MOA) is a document written between parties to cooperatively work together on an agreed upon project or meet and agreed upon objective. It is generally an agreement between the university and another institution and is tied to salary payments.